By Tom Fairless 

Around a quarter of German companies expect to ask staff to work shorter hours over the next three months according to German think tank Ifo, underscoring the impact of the coronavirus pandemic on Europe's largest economy.

That is the highest share of companies expecting to tap short-time work since the aftermath of the financial crisis in 2010, and up from 15% three months ago, Ifo said, citing a survey of businesses.

The hardest-hit sectors are auto manufacturers and suppliers, where 41% of businesses expect to put staff on shorter hours, and machine-building and electronics, where around a third of companies expect to tap shorter hours.

The numbers are likely to rise further: the survey ran through mid-March and its results therefore don't yet show the full impact of the business shutdowns related to the coronavirus pandemic, Ifo said.


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(END) Dow Jones Newswires

March 30, 2020 04:25 ET (08:25 GMT)

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